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More FinReg Fail: The SEC Could Use A Few Good Men...
I realize the SEC's task is a gargantuan one, especially considering
the severely constrained resources, but there's just no excuse for
things like this. The SEC's Division of Risk, Strategy, and Financial
Innovation - the group created in 2009 to supposedly "enhance our capabilities and help identify developing risks and trends in the financial markets"
- does not have anyone running the Office of Data & Data
Analytics. How the hell is the Division supposed to do its job if
there's no one analyzing data?!?!?
I'd say to be fair, this website
hasn't been updated since 6/15/2010, but that actually makes this
situation WORSE. How dysfunctional does an organization have to be
that organization actions are not properly communicated via press
releases and modifications to the organization's website? This is not
freaking rocket science!
If you think this is bad, get read, because it gets even worse: The
head of the Division, Henry T. C. Hu left this month to go back to
academia. According to an article from 1/20/2011 in the WSJ, his temporary replacement is the Division's former Deputy Director, Jonathan Sobokin. The SEC issued a press release on 11/18/2010
that Hu would be leaving the organization, yet the "News" page of the
Division's website has no mention of Sobokin taking the reins. As a
matter of fact, that is the most recent press release that appears on the page!
It's one thing to suck at organizational communications, its another
thing to take at least two months to find a replacement for a very
important position, especially when given what appears to be advance
notice. And it is another thing entirely to take well over a year to
staff the Office tasked with performing the data analysis the Division
needs in order to be effective!
The only good thing I can say here is that at least they brought Rick Bookstaber
into the fold. I've met Rick and he's a very, very smart man, and
while I don't always agree with him, I'm quite glad he's at the SEC.
Whether or not he has any authority or sway within the SEC is a whole
different story upon which I can do little more than speculate...
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Once you apply the Paul Masson generalization theory, we will do nothing before its time, everything the government does make sense.
Wow, nice catch and relay.
Hence the exact reason why MORE laws and regulations are completely futile at best. Downright detremental at worst.
We, as a nation, are being CRUSHED TO DEATH under laws and regulations.
Yet, we, as a nation, are being slaughtered and stolen from at a rate that is faster than ever.
So, more laws, more regulations somehow equates to less safety and more theft.
And the sheeple, knowing nothing else, keep going back to ask for MORE.
As for the website not being updated, I'm sure it really isn't necessary, after all, the banksters know exactly whom they need to blow.
Oh, it gets better (worse?): that vacancy doesn't even on the job openings site.
Aren't the SEC guys spankin it to porn?
Fire everyone in SEC and replace with William Black and Janet Tavol.....
From the 'smart' fuckheads own site:
"In the investment banking arena, I was in charge of firm-wide risk at Salomon Brothers and was a member of Salomon's powerful Risk Management Committee."
How did that work out, Rick? Thanks for bringing all that hard-earned, fail-upwards experience to the SEC. You oughta fit right in.
Bookstaber = guy was supposed to be watching risk as the institutions he worked for blew up, writes a "hah hah OOPSIE!" book and now he's regarded as some kind of voice of authority on keeping an eye on things? Just another example of how utterly FUCKED the financial 'industry' is.
They never wanted it to be regulated. That one is easy.
Any president that alows this in a rigged market like this is responsible for the market crash.
THIS is proof Obama is one of the biggest crooks in history.
The financial manipulators dream... a regulator who doesn't show up. Beautiful, pitiful, governmental....